Today we will discuss CFD trading on the Olymp Trade platform. The first thing you will have to do is to switch the platform to FOREX. To make this happen, you simply click on the hamburger menu in the top-left corner of the Olymp Trade interface and press the button “FOREX GO”.
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Selecting the asset
You will find a full selection of assets to trade CFDs under the current asset tab. When you click on it, you will see the entire list of available financial instruments. You can choose it manually or find a desired asset in the search window. You can also filter the list by choosing assets group from stocks, cryptos, currencies, metals, and indices.
All the instruments on the FOREX section have different specifications in comparison to the trading derivatives. You will here encounter the multipliers and fees.
Introduction to the Olymp Trade platform interface for trading CFDs
After you chose the preferable asset, you will see the variety of buttons on the right side of the Olymp Trade interface. Below you will find a screenshot to help you get through it.
- This is the amount of money you would like to invest in the trade.
- A Multiplier is a very useful tool that allows you to invest more than you have at hand. You simply multiply the amount of your money by the value of the multiplier. If you invest 100 and choose a multiplier of 50, it means you will in fact trade 5000. This powerful tool can significantly increase your profit. Bear in mind, however, that it works both ways. It can also increase potential loss.
- Take Profit is the limit of your profit for automatic closing. Once the amount of money you have set is reached, the trade will be automatically finished.
- Stop Loss is similar to Take Profit but it protects your account against a big loss. The position will be automatically closed after the specified amount of money is lost.
- This window shows what commission Olymp Trade takes from the particular trade.
- BUY and SELL button. You need to decide if you want to open a long or short position and then press the corresponding button.
Making changes to a CFD position at Olymp Trade
Once you open a CFD transaction and you see some important changes on the market, you have a few available choices. First, you can adjust Take Profit. Then, you can similarly change Stop Loss. To do that, you can either enter the amount manually or drag the TP or SL levels displayed on the chart to the desired value.
There is one more thing you can do. You do not have to wait until the position will be automatically closed. You can choose to end the trade by yourself, any time you want. So if you consider this the best way to your trading success, just click the “Close” button. In the very same window, you will see the amount you will be left with after the closing.
You may wish to read more about CFDs, multiplier, and available assets at Olymp Trade.
Pros and Cons
Here are the advantages and disadvantages of trading CFDs on the Olymp Trade platform:
- 👍 Advantages:
- Wide selection of assets for trading CFDs
- Ability to use multipliers to increase potential profit
- Options for setting Take Profit and Stop Loss levels
- 👎 Disadvantages:
- Potential for increased loss when using multipliers
- Market volatility can impact CFD positions
- Commissions and fees associated with CFD trading
Q&A on Trading CFDs on Olymp Trade
- Q: How do I switch the Olymp Trade platform to FOREX?
A: To switch to the FOREX platform on Olymp Trade, click on the hamburger menu in the top-left corner and select “FOREX GO”.
- Q: How do I select an asset for trading CFDs on Olymp Trade?
A: Under the current asset tab, you will find a full selection of available financial instruments. You can manually choose an asset or use the search function to find a specific one.
- Q: What are the tools available for adjusting a CFD position on Olymp Trade?
A: Olymp Trade provides tools such as multipliers, Take Profit, and Stop Loss to adjust CFD positions. Multipliers allow you to increase your investment amount, while Take Profit sets a limit for automatic closing of a profitable trade and Stop Loss protects against significant losses.
- Q: Can I make changes to a CFD position once it’s opened on Olymp Trade?
A: Yes, you can make changes to a CFD position on Olymp Trade. You can adjust Take Profit and Stop Loss levels manually or by dragging the corresponding levels on the chart. Additionally, you can choose to close the position manually at any time.
- Q: Where can I find more information about CFDs, multipliers, and available assets on Olymp Trade?
A: For more information about CFD trading, multipliers, and the range of available assets on Olymp Trade, refer to the educational resources and guides provided on the platform.
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